Business
Puerto Rican Recreational Cannabis Market Could Be Worth $500 Million Says New Trade Report
Report Projects Puerto Rican Recreational Cannabis Market Worth Over $500 Million
A Puerto Rican trade group that supports cannabis is hoping to make progress in the conversation of complete recreational marijuana reform on the island. They have recently released a report to this effect. The report predicts how the legalization of recreational marijuana might profit the U.S. territory located to the southeast of Cuba. Based on the analysis, or would take up to five years for the development of the industry here and would follow the same path as the casino industry, which rose to prominence in this region in the first decades of the 20th century.
This type of economic development is considered by other jurisdictions also and not only on the island, especially after the pandemic. Neither is it the singular popular destination for tourists. However, this part of the economy is critically vital to the economy of the island and has gotten increasingly so during the second decade of this century. Presently, it accounts for 10 percent of the entire economy. Truly, prior to the pandemic, a lot of the vital infrastructure was damaged thanks to Hurricane Maria, and the island was rebuilt using tourism.
Outside this, the island is familiar with the manufacturing of different recreational commodities, such as, but not limited to, the largest rum distillery in the world, the Bacardi factory located in Cataño. Also, it is increasingly a haven for crypto firms. Because of former president Donald Trump, ninety-eight percent of the land on the island is presently deemed an opportunity zone specifically created to bring in foreign investors.
REFORM OF CANNABIS IN PUERTO RICO
Marijuana has been an illicit substance in Puerto Rico since 1932, when Act 12 precisely prohibited the same. Punishments for importing, planting, selling, and purchase of the plant ranged from a one-month to a year sentence in jail.
Rep. José Luis Báez supported decriminalization in 2013, immediately following the victories of two American state referendums, one in Colorado and another in Washington State. Two years later, the medicinal cannabis reform was enacted by the governor, Alejandro Garcia Padilla.
This reform covers permitting patients to gain a 30-day supply of the drug but in a form that cannot be smoked. Growing in your home is still illegal, and patients must buy their medications from state-authorized dispensaries. The number of patients in Puerto Rico is estimated at 115,000.
HOW CANNABIS CAN AID PUERTO RICO IN RECUPERATING
The acceptance of the financial obligation restructuring is without a doubt a crucial step for Puerto Rico as it seeks to regain access to capital markets and instill newfound confidence in the economy of the island. The development process won’t just happen. Puerto Rico needs to develop financial strategies that take into account both its own realities and those of the US and other markets. In this perspective, investing heavily in marijuana makes perfect sense, especially in light of the upcoming federal liberalization that is expected.
OPPORTUNITIES IN MARIJUANA FOR PUERTO RICO’S FARMING SECTOR
The Department of Agriculture in Puerto Rico stated that because of the island’s fortunate geographical location in a tropical area, cannabis might be cultivated and harvested in Puerto Rico about three times a year, unlike the biggest manufacturers in the world that can currently only grow and harvest outdoors once or twice in a year.
A grand program to encourage cannabis cultivation would not only allow Puerto Rico to get the most out of its geographical location, but it would also create opportunities in the backwoods of the island where they are probably most direly needed. The per capita income in the island’s most wealthy (and municipal) town is four times more than in its poorest areas (rural).
With perfect environmental conditions to support cultivation, the cannabis market in Puerto Rico might be predominantly self-reliant in regard to essential materials. At the same time, excess cannabis can be exported, not only to the United States market, where Puerto Rican goods have unrestricted access.
THE ISLAND’S LEGAL STATUS
Today, Puerto Rico is a U.S. territory without incorporation. Not a U.S. state but a territory. Another contentious issue is how U.S. federal law is understood in this situation. The island, along with the Philippines and Guam, are locations where civil liberties enjoyed within the continental U.S. and incorporated territories do not apply, according to what some consider to be highly racist rulings enshrined in Supreme Court case law and handed down in the early part of the previous century. Based on these lawful precedents, only the “fundamental limitations” of the U.S. Constitution relating to unincorporated territories, the District of Columbia, and the United States itself.
This means that marijuana is definitely in a very peculiar gray area when it comes to things like the constitutional rights of states (see the earliest cannabis reform at the state level as a constitutional amendment at this level).
THE DISPLACEMENT OF LOCALS?
One of the terrible effects of the recent hurricane was that many people were forced to sell their homes as a result of it for a number of reasons. Due to this, investment banks have acquired huge parcels of damaged real estate here over the past few years, making it difficult for residents to afford to live here. Local protests against foreign development, particularly the privatization of public resources like beaches, have also resulted from this.
In this type of setting, the growth of the cannabis sector could be advantageous for international companies. Another consideration is how it would affect the neighborhood’s sustainable economic development.
BOTTOM LINE
With the revenue cannabis can generate and is already generating for some nations, it is quite conceivable that marijuana can act as a way forward for Puerto Rico, as they seemingly already have an advantage of favorable weather which can see the harvest as much as three times a year.
The slow pace at which cannabis legalization has proceeded is perplexing, given the economic activity that a marijuana advancement would unleash in Puerto Rico. It is inexcusable to keep the door closed to a bustling cannabis market on an island where the inhabitants desperately need financial opportunities.
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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